Article Per Year (5 Year)
p-Index From 2021 - 2026
0.23
P-Index
This Author published in this journals
All Journal Danadyaksa: Post Modern Economy Journal
Ayu Lestari
Universitas Muhammadiyah Purwokerto, Purwokerto, Indonesia
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
Determinants of Financial Distress in Food and Beverage Companies Listed on the Indonesian Stock Exchange Ayu Lestari; Ika Yustina Rahmawati
Danadyaksa: Post Modern Economy Journal Vol. 4 No. 1 (2026): Post Modern Economy Journal
Publisher : Yayasan Pendidikan Islam Bustanul Ulum Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.69965/danadyaksa.v4i1.499

Abstract

The research investigates the impact of financial ratios and macroeconomic factors on financial distress. Financial ratios are measured by profitability (ROA), liquidity (CR), and leverage (DER). Macroeconomic factors are measured by inflation and interest rates. This analysis uses secondary data from 71 food and beverage companies listed on the Indonesia Stock Exchange for the period 2021–2024, yielding 124 observations tested using descriptive statistics, panel logistic regression, odds ratios, and classification accuracy. Financial distress is measured in terms of the Altman Z-score, followed by hypothesis testing with Stata 17. Findings show a negative effect of profitability and interest rates on financial distress, and a positive effect of leverage. Furthermore, liquidity and inflation are not affecting financial distress. In this study, the novelty comes from utilizing macroeconomic factors as independent variables, thereby provides new insights into the roles of macroeconomics on financial distress.
Co-Authors Ika Yustina Rahmawati